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{\info {\author .}{\company .}{\title .}{\creatim\yr2024\mo12\dy1\hr18\min16}}
\deflang1033\plain\fs24
{\footer\pard\qc\plain\f0\fs24\chpgn\par}
{
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(1)}\cell \pard\intbl\qc {(2)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\pard\intbl\ql {IM}\cell \pard\intbl\qc {0.533{\super ***}}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(17.14)}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {lnage}\cell \pard\intbl\qc {0.109{\super ***}}\cell \pard\intbl\qc {0.119{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(38.40)}\cell \pard\intbl\qc {(28.82)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {lnage2}\cell \pard\intbl\qc {-0.029{\super ***}}\cell \pard\intbl\qc {-0.033{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(-34.84)}\cell \pard\intbl\qc {(-25.36)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {lnemployee}\cell \pard\intbl\qc {-0.018{\super ***}}\cell \pard\intbl\qc {-0.022{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(-17.09)}\cell \pard\intbl\qc {(-14.04)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {lnimv_firm}\cell \pard\intbl\qc {-0.008{\super ***}}\cell \pard\intbl\qc {-0.011{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(-13.13)}\cell \pard\intbl\qc {(-9.42)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {lngdp}\cell \pard\intbl\qc {0.002}\cell \pard\intbl\qc {-0.005}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(0.36)}\cell \pard\intbl\qc {(-0.58)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {lnpeople}\cell \pard\intbl\qc {-0.088{\super ***}}\cell \pard\intbl\qc {-0.110{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(-11.15)}\cell \pard\intbl\qc {(-9.91)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {lncitywage}\cell \pard\intbl\qc {0.075{\super ***}}\cell \pard\intbl\qc {0.087{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(14.85)}\cell \pard\intbl\qc {(12.50)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {cpi}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(9.92)}\cell \pard\intbl\qc {(9.16)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {HHI}\cell \pard\intbl\qc {0.145{\super ***}}\cell \pard\intbl\qc {0.246{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(4.48)}\cell \pard\intbl\qc {(5.36)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {indemployeeshare}\cell \pard\intbl\qc {-1.125{\super ***}}\cell \pard\intbl\qc {-4.312{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(-3.40)}\cell \pard\intbl\qc {(-6.06)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {indsoeshare}\cell \pard\intbl\qc {-0.132{\super ***}}\cell \pard\intbl\qc {-0.183{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(-11.32)}\cell \pard\intbl\qc {(-10.87)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {indfoeshare}\cell \pard\intbl\qc {-0.116{\super ***}}\cell \pard\intbl\qc {-0.175{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {(-11.06)}\cell \pard\intbl\qc {(-10.08)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.756{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(9.17)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.234{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(7.48)}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\pard\intbl\ql {{\i N}}\cell \pard\intbl\qc {2434525}\cell \pard\intbl\qc {2434525}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\pard\intbl\ql {adj. {\i R}{\super 2}}\cell \pard\intbl\qc {-0.602}\cell \pard\intbl\qc {-1.102}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\pard\intbl\ql {year}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\pard\ql\fs20 {\i t} statistics in parentheses\par}
{\pard\ql\fs20 {\super *} {\i p} < 0.1, {\super **} {\i p} < 0.05, {\super ***} {\i p} < 0.01\par}
}
{\pard \par}
}
